The initial Thai Allocation B tender for the 2017-18 (October-September) period took place Thursday, with a total of 37,333 mt of HiPol raw sugar awarded and also 15,000 mt of J-Spec provided, market sources said.
Sucden was granted 3,000 mt of J-Spec for shipping from March 1 to May 15 at 50 points above March (H) New York City No. 11 raw sugar futures, sources claimed.
Bunge was granted 3,000 mt of J-Spec for delivery from May 1 to July 15 at 45 points over May (K) New York No. 11 raw sugar futures, they also said.
Agrex Asia was awarded 9,000 mt of J-Spec for delivery from July 1 to September 15 at 88 points over July (N) New York No. 11 raw sugar futures, according to the marketplace resources.
"The premiums this year for J-Spec were reduced as Japanese traders were covered as well as, for this reason, reduced quotes were granted to international trading houses," a Japanese trader said.
The quota B tender awarded rate for J-Spec was lower than deals heard out there on Thursday at March (H) plus 125 factors for March 1 to May 15 delivery. website granted cost for J-Spec will certainly not push the costs reduced for offers in the marketplace as the amount was extremely little, a trader said.
Wilmar was awarded 13,333.33 mt of HiPol for shipping May 1 to July 15 at 68 points over March (H) New York No. 11 raw sugar futures and Tereos was granted 12,000 mt at 78 points above March (H) for the same shipment period, according to market resources.
"The 10 point distinction in the proposals for both awarded bids was as a result of the the strange quantity which Wilmar was awarded," a physical broker said.
Raw sugar is generally sold cargo sizes of 12,000 mt.
Tereos was also awarded 12,000 mt of HiPol for delivery from July 1 to September 15 at 78 factors above July (N) New York City No. 11 raw sugar futures, sources stated.
The Thai HiPol quota B tender awarded prices rose costs for Platts Thai HiPol ahead curve assessments Thursday.
The Thai HiPol May-July 15 assessment was up 5 points day on day to 78 points as well as The Thai HiPol July-Sep 15 evaluation was up 2 indicate 78 points.
The Thai Allocation B tender, which covers a 400,000 mt raw sugar agreement for the year, is held by several profession homes as well as marketed on part of the Thai Walking Cane and also Sugar Company, which has total responsibility for rates and also marketing raw sugar under this allocation.
Fifty percent of the amount is assigned to worldwide sugar brokers, and also the other half to local millers for export.
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